Shell Energy Entrepreneurs banner Yudala banner
ExxonMobil discovers one billion barrels of oil offshore Nigeria

By News Express on 28/10/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 1,554


Barely a week after it sold its downstream subsidiary in Nigeria, United States’ oil giant, ExxonMobil Corporation, has announced the discovery of up to one billion barrels of oil reserves in the Owowo field, offshore Nigeria.

The development is a boost to Nigeria’s efforts to increase her crude oil reserves from the current 36 billion barrels to 40 billion barrels target, which was set for 2010 but could not be achieved as a result of lack of investment in exploratory activities.

The Owowo field spans portions of the contract areas of Oil Prospecting License (OPL) 223 and Oil Mining License (OML) 139.

In a statement posted yesterday on its website, the Texas-based oil and gas company said the huge discovery has a potential recoverable resource of between 500 million and one billion barrels of oil.

The world’s largest publicly traded international oil and gas company stated that the Owowo-3 well, which was spud on September 23, 2016, encountered about 460 feet (140 metres) of oil-bearing sandstone reservoir.

According to the statement, the Owowo-3 extends the resource discovered by the Owowo-2 well, which encountered about 515 feet (157 meters) of oil-bearing sandstone reservoir.

Commenting on the discovery, the President of ExxonMobil Exploration Company, Stephen Greenlee, said: “We are encouraged by the results and will work with our partners and the government on future development plans.”

The company further added that the Owowo-3 was safely drilled to 10,410 feet (3,173 metres) in 1,890 feet (576 metres) of water.

The well was drilled by ExxonMobil affiliate Esso Exploration and Production Nigeria (Deepwater Ventures) Limited and proved additional resource in deeper reservoirs.

ExxonMobil holds 27 per cent interest and is the operator for OPL 223 and OML 139.

Joint venture partners include Chevron Nigeria Deepwater G Limited (27 per cent interest), Total E&P Nigeria Limited (18 per cent interest), Nexen Petroleum Deepwater Nigeria Limited (18 per cent interest), and the Nigeria Petroleum Development Company (NPDC) Limited, a subsidiary of the Nigerian National Petroleum Corporation (NNPC) (10 per cent interest).

ExxonMobil had recently announced the sale of its 60 per cent stake in Mobil Oil Nigeria Plc to NIPCO Plc, thus exiting from the Nigeria’s downstream oil and gas sub-sector.

Before the sale of its downstream subsidiary, the company had three affiliates operating in Nigeria: Mobil Producing Nigeria Unlimited (MPN); Esso Exploration and Production Nigeria Ltd. (EEPNL); and Mobil Oil Nigeria (MON).

•Sourced from THISDAY.

Source News Express

Posted 28/10/2016 2:06:15 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Don’t use Paris Club Refund to pay salaries...

Buhari, Saraki commiserate with Saudi, Islamic community over...

Aare Ona Kakanfo: Tinubu congratulates Gani Adams, Alaafin...

Telling of lies compulsory in politics —Governor Aliyu...

Rice production now compulsory for Ebonyi Commisioners, others...

Mile 12 Crisis: Lagos Govt. shuts market, imposes...

Africa’s largest brewery set for commissioning in Onitsha...

Boko Haram: Borno Govt. to build trenches around...

NAF gets additional 5 Super Mushsak aircraft

Judges’ emergency meeting over DSS crackdown deadlocked; continues...

Saudi Arabia disqualifies 3 Nigerian airlines from transporting...

Boko Haram kills 235 police personnel in Yobe...

 

Latest News Man divorces wife after 44 years of marriage based on information received in his dream Rice farm: Bayelsa community disowns ex-militant leader, demands his arrest Gowon, others shun book launch in memory of Tafawa Balewa Restructuring: Urhobo seek return to Midwest Region Expert links bush burning to asthma, cancer, premature death 2019: Fani-Kayode lashes 7 Northern governors for mobilisng for Buhari’s re-election •Dismisses them as parasites, vampires Benue Killings: I never ignored Ortom’s warning — Osinbajo My 10-year ban from holding public office in Ekiti a big joke — Fayemi Kidnapped lawmaker found dead Kano commissioner, sons in police net over ‘stone devil Kwankwaso’ remark OBJ sets record as Open University graduates 14,769 Okah, other Kuje Maximum Prisons inmates in safe custody — Prisons Service

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (314,041 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (303,007 views) Shameless Genevieve Nnaji exposes breasts in public (243,335 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (200,732 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (189,502 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (178,746 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (154,989 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (138,917 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (135,725 views) Lagos plane crash: Journalist releases victims’ names (124,023 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (120,986 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (118,528 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,848) Business Verdict (32) Columnists (790) Complaints & Requests (94) Enterprise & Opportunities (200) Entertainment (431) Features (541) Global Business Monitor (222) International (1,738) Interviews (139) Live Commentary (28) Love Matters (100) News (31,928) Opinion (864) Pidgin (10) Politics (4,349) Religion (666) Sports (1,405) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Thierry Henry in Lagos Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!